Pluribus Technologies Corp. Announces Receipt of Demand Letter

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Dec 04, 2024, 08:00 ET

TORONTO, Dec. 4, 2024 /PRNewswire/ - Pluribus Technologies Corp. (TSXV: PLRB) ("Pluribus" or the "Company") announces that, on December 3, 2024, it received a demand letter (the "Demand Letter") from National Bank of Canada (the "Lender") to pay amounts owed under a secured credit agreement (the "Credit Agreement") dated April 27, 2022, as amended, among the Lender, the Company, and certain of its subsidiaries. In the Demand Letter, the Lender has demanded immediate payment of the sum of C$10,334,246.28 and US$857,668.71 owed under the Credit Agreement, plus interest and certain costs up to the date of payment.

Furthermore, the Lender confirmed that the Lender's obligation to make further credit or other accommodations available to the Company under the Credit Agreement has been terminated and no further credit is available to the Company thereunder (except in respect of a certain corporate credit card). On December 3, 2024, the Lender has also delivered to the Company a Notice of Intention to Enforce Security (the "BIA Notice") pursuant to the Bankruptcy and Insolvency Act (Canada) in respect of amounts owed under the Credit Agreement. Pursuant to section 244 of the Bankruptcy and Insolvency Act (Canada), the Lender shall not enforce the security over the collateral granted by the Company until the expiry of 10 days after sending the BIA Notice unless the Company consents to an earlier enforcement of the security.

The Company does not intend to consent to earlier enforcement and is in the process of exploring available options and will provide an update when further disclosure is required or otherwise appropriate.

Forward-Looking Information

Certain information in this press release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or negatives of these terms and similar expressions.

Readers are cautioned that the foregoing is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ from those anticipated. Forward-looking statements are not guarantees of future performance. The purpose of forward-looking information is to provide the reader with a description of management's expectations, and such forward-looking information may not be appropriate for any other purpose. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

Contact:
Diane Pedreira
Chief Operating Officer
Pluribus Technologies Corp.
1 (800) 851-9383

SOURCE Pluribus Technologies Corp.